The Nigerian Infrastructure Debt Fund (NIDF) has reported a pre-tax profit of N23.6 billion for the full year ended 2025, marking an increase from N19.5 billion recorded in the prior year.
The performance was disclosed in the fund’s latest financial statement, filed on 15 January 2026, on the Nigerian Exchange.
A closer look at the numbers shows that the fourth quarter contributed N6.7 billion to full-year earnings, compared with N5.9 billion in the same period of 2024.
The stronger profitability, both in the final quarter and across the full year, was driven by solid interest income generated from the fund’s infrastructure loan portfolio.
Key highlights (FY 2025 vs FY 2024)
- Interest income from infrastructure loans: N21.5 billion, up 22.26% YoY
- Net fair value gains on infrastructure loans (profit or loss): N1.0 billion, up 170.83% YoY
- Other income: N3.2 billion, down 10.14% YoY
- Total income: N25.7 billion, up 19.44% YoY
- Total expenses: N2.1 billion, up 8.00% YoY
- Pre-tax profit: N23.6 billion, up 20.61% YoY
- Total assets: N137.7 billion, up 14.12% YoY
- Members’ funds: N130.7 billion, up 14.93% YoY
What the company books are saying
The financial statements show that the fund earned most of its money from interest on infrastructure loans.
This income rose to N21.5 billion in 2025, compared with N17.6 billion in 2024, indicating stronger lending performance during the year.
In the fourth quarter alone, interest income stood at N4.8 billion. While this was slightly lower than the N4.9 billion recorded in the same period last year, it still made a meaningful contribution to full-year earnings.
In addition, gains from changes in the value of infrastructure loans increased sharply to N1.0 billion.
- When combined with other income of N3.2 billion, total income for the year reached N25.7 billion, representing a solid 19.44% growth.
Even after accounting for total expenses of N2.1 billion, the fund delivered a pre-tax profit of N23.6 billion.
This result shows that the fund managed its costs well while growing its income.
Balance sheet performance
The fund’s total assets rose to N137.7 billion, increasing from N120.7 billion in the previous year.
Financial assets measured at fair value accounted for N95.8 billion of total assets, while cash and cash equivalents stood at N40.2 billion.
Total liabilities came in at N7.05 billion, slightly higher than the N6.9 billion recorded in 2024.
- Of this amount, distribution payables made up the bulk, totaling N5.5 billion, or about 96.7% of the total.
On the equity side, members’ funds grew to N130.7 billion in 2025, representing a 14.93% increase.
The number of units in issue also expanded to 1.19 billion units, up from 1.05 billion units.
What to know
The fund has an investment portfolio spread across nine sectors, providing loan financing for projects within each of these areas.
- Its largest exposure is a 176-kilometre pipeline project, which accounts for 41% of the total portfolio.
- This is followed by marine infrastructure at 20%, 458 off-grid solar sites representing 11% of investments, and 1,125 telecom towers, which make up 10% of the fund.
- Other investments include two gas processing plants (9%), solar home systems (3%), two independent power producers (IPP) sites (3%), a student accommodation project (2%), and three broadband internet sites (1%).
In Q4 2025, the distribution yield for unit holders was 20.99%, equivalent to N4.68 per unit.
For the full year 2025, the fund outperformed its benchmark, the 10-year FGN bond, by 415.19 basis points.
